You are here
Pam and Russ Martens: JPMorgan's derivatives surpass $60 trillion, a six-year high
But what if they are really U.S. government positions? This analysis notes that 100% of the bank's monetary metals derivatives and 96% of its foreign exchange derivatives are not centrally cleared. Might central clearing expose the government's connection?
* * *
By Pam and Russ Martens
Wall Street on Parade
Friday, June 224, 2022
Add JPMorgan Chase, the biggest bank in the United States with an unprecedented five criminal felony counts since 2014, to the growing list of debacles of which the Federal Reserve has lost control.
The Fed has its bank examiners pouring over the books of JPMorgan Chase on an ongoing basis, but somehow the bank's dangerous book of derivatives has been allowed to spike by $14.42 trillion in the first quarter of this year, soaring from $45.84 trillion on December 31, 2021, to $60.26 trillion on March 31, 2022.
That's an increase of 24% in a three-month span. That information comes from Page 18 of the newly-released report on derivatives in the banking system from the Office of the Comptroller of the Currency.
... Dispatch continues below ...
... ADVERTISEMENT ...
Storage and Withdrawal of Gold
with Bullion Star in Singapore
Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.
Bullion Star's solution for storing bullion in Singapore is called My Vault Storage.
With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.
Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage online around the clock. Storage rates are competitive.
For more information, please visit Bullion Star here:
The Dodd-Frank Act of 2010 was supposed to stop the insanity of unfathomable amounts of risky derivatives being held at federally-insured banks. Under the so-called "push-out" rule in Dodd-Frank, derivatives were supposed to be moved out of the federally-insured bank to other parts of the bank holding company so that they could be wound down in a bankruptcy proceeding without endangering the federally-insured bank.
Citigroup and its lobbyists succeeded in getting that provision repealed in a sneak maneuver in December 2014.
Then there was Dodd-Frank's promise that all of these dangerous derivatives would become centrally-cleared in short order instead of being opaque over-the-counter contracts with bespoke (custom) terms that regulators and the public could not make heads or tails of.
Well, that didn't happen either. The current OCC report tells us that 71% of JPMorgan Chase's equity derivatives are not centrally cleared; 100% of its precious metals contracts are not centrally cleared; and 96% of its foreign exchange derivative contracts are not centrally cleared. ...
... For the remainder of the analysis:
* * *
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 12-15, 2022
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
Buyers can compose their case by choosing as many as four varietals from the list here:
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at: email@example.com
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at firstname.lastname@example.org.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: